Fideuram Intesa Sanpaolo Private Banking S.P.A. Acquires New Stake in AppLovin Corporation $APP

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in AppLovin during the first quarter, buying 2,762 shares valued at about $1.1 million.
• AppLovin continues to attract institutional interest, with hedge funds and other investors owning 41.85% of the stock, while several large firms recently increased their stakes.
• Despite insider selling and some rating adjustments, analysts remain broadly positive on APP, with a Moderate Buy consensus and an average target price of $668.27.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,762 shares of the company's stock, valued at approximately $1,099,000.

A number of other large investors have also bought and sold shares of the company. Allworth Financial LP grew its holdings in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company's stock valued at $4,347,000 after buying an additional 3,438 shares in the last quarter. Franklin Resources Inc. increased its position in shares of AppLovin by 24.9% during the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company's stock valued at $1,754,996,000 after buying an additional 487,492 shares during the period. Generate Investment Management Ltd purchased a new stake in shares of AppLovin in the fourth quarter worth about $2,347,000. Kinetic Partners Management LP lifted its holdings in shares of AppLovin by 7.5% in the third quarter. Kinetic Partners Management LP now owns 128,106 shares of the company's stock worth $92,049,000 after buying an additional 8,930 shares in the last quarter. Finally, Calamos Advisors LLC boosted its position in shares of AppLovin by 73.3% in the fourth quarter. Calamos Advisors LLC now owns 48,737 shares of the company's stock valued at $32,840,000 after acquiring an additional 20,609 shares during the period. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on APP. Weiss Ratings cut shares of AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. UBS Group lowered their target price on shares of AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. KeyCorp set a $775.00 price target on shares of AppLovin in a report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $660.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Benchmark reaffirmed a "buy" rating on shares of AppLovin in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $668.27.

AppLovin Price Performance

Shares of AppLovin stock opened at $527.06 on Friday. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $177.06 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 0.85 and a beta of 2.49. The business's 50-day moving average price is $501.83 and its 200-day moving average price is $504.78. AppLovin Corporation has a 12 month low of $325.58 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin's quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.67 EPS. Sell-side analysts forecast that AppLovin Corporation will post 15.96 EPS for the current fiscal year.

Insider Activity

In other news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the sale, the chief executive officer directly owned 2,369,351 shares of the company's stock, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 389,924 shares of company stock valued at $195,693,875. Insiders own 13.66% of the company's stock.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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